我国隐性通货膨胀形成的原因

<正> 1990年我国物价上涨率为2～3%左右,同期货币(现金+存款)供给与贷款规模增长都大大超过经济增长速度。为什么经济供给大幅度下降,货币与贷款供给大幅度扩张,而物价上涨率却为2～8%左右?难道经济金融形势真的处于稳定状态了吗?笔者认为,货币与贷款大规模超经济增长部     

现金投放多的成因分析及对策

现金投放多的成因分析及对策裴传智，张红地１９９２－１９９４年，我国连续三年货币发行过多、市场现金流量增长过快、通货膨胀率逐年上升，其中１９９４年出现了明显的通货膨胀现象。１９７９年以来，市场现金流通量增长速度最高的年份与近三年的货币发行及物价情况如下...     

市场流通中现金的券别结构及其合理性研究:广西实证

人民银行作为发行的银行,只有深入了解和把握货币券别结构的变动规律才能确保现金供应.本文从广西现金供应入手,从经济发展、物价波动等方面深入分析影响广西现金券别结构变动的主要因素,并运用实证分析方法,建立了回归模型探求广西现金券别结构与经济发展之间的关系,最后为人民银行科学组织发行基金调拨,使现金供应结构更好地贴近社会经济生活的实际需要,促进地方经济发展提供有针对性的建议.     

确定重点单位编制现金收支计划的意义与方法

为了严格管理货币发行,保证货币发行权集中于中央,有计划地调节货币流通,稳定市场物价,促进国民经济有计划、按比例、高速度的发展,国务院颁发的《关于实行现金管理的决定》中指出:"凡一切国营企业、事业、机关、团体、部队、学校、集体经济单位所有现金,除核定的现金库存限额外,其余必须存入当地中国人民银行,不得自行保留,不得自行坐支","现金收支较多的单位,要编制现金收支计划,经开户人民银行审查。     

评现行货币供应量运算模型

评现行货币供应量运算模型朱文毅多年来，我国以货币供给量增长率不大于经济增长率与物价上涨率两者之和作为界定货币供给量的计算公式，本文拟对这一计算公式提出置疑，旨在为进一步合理界定货币供给量的数学模型开拓思路。一、货币供给与经济增长的关系现行运算模型首先...     

县域现金投放回笼影响因素分析——以依兰县为例

现金作为区域经济金融发展的重要内容,与经济发展和区域稳定之间密切相关。同时,现金也是货币供应量中最活跃的一个要素,现金投放和回笼的规模及结构从一个侧面反映了一个地区经济结构。本文对2014年至2018年依兰县现金投放回笼形势进行研究分析,提出现金投放回笼影响因素并提出相关对策建议。     

现金持续回笼对广西经济金融的影响

现金在基础货币的组成中占据了绝大部分，其投放回笼的变化将直接影响货币供应量和经济发展水平。近几年，广西现金持续回笼，其回笼规模和结构对广西经济金融产生的影响一直是社会各界关注的焦点。最近，我们就此问题进行了专题调查研究，并提出相应的政策建议。     

近年来我国地区间现金投放与回笼结构变化的特点及成因

现金是货币供应量中的重要组成部分，也是其中最活跃的一个层次。现金投放和回笼的规模及结构直接反映了一个地区产业结构及经济发展水平的变化。近年来，随着改革开放的不断深入，我国地区间现金投放与回笼格局出现了重要变化。一、传统的现金投放地区由现金净投放变为净...     

青海省2005-2009年现金投放回笼情况分析

现金作为中央银行基础货币的组成部分,不仅反映经济发展对货币需求的状况,而且其投放回笼直接影响着市场货币供应量和货币政策执行效果。本文总结了2005-2009年期间青海省现金投放回笼的特点,并分析了影响现金投放回笼变动的若干因素。     

青海省现金投放特点分析

货币是引起经济变动的一个最为重要的因素,现金（M0）是货币总量（M2）中最活跃的一个层次,现金投放会对经济与金融产生重要影响。本文对青海省＂十一五＂期间现金投放的特点与主要影响因素进行了分析,并就如何加强现金管理,保证现金平稳投放提出了政策建议。     

POS机套现洗钱犯罪案件探析

近年来,国内利用POS机非法套现案频发,POS机套现已成为一种新型洗钱犯罪工具。本文通过搜集近年来破获的典型POS套现洗钱犯罪案件,深入分析了POS机洗钱犯罪的主要类型、特征、工作难点,并提出相关建议。     

国库现金管理对货币政策中介目标的影响分析

目前,我国中央国库现金管理对货币政策产生日益重要的影响。文章定量分析了国库现金管理与货币供应量的关系,然后运用SVAR模型,实证考察了国库现金管理中标利率与央票利率和上海银行间同业拆放利率的关系,结果显示三者之间存在明显的正相关关系,并且国库现金管理中标利率受央票利率的影响更加明显。在此基础上,文章提出了完善国库现金管理的相关政策建议。     

中央国库现金管理中标利率与货币市场利率关系的实证分析

文章在梳理中央国库现金管理发展及货币市场利率体系的基础上,采用协整方程和误差修正模型实证检验了中央国库现金管理中标利率与同业拆借利率和回购利率之间的协整关系,研究表明其与二者均存在长期协整关系,误差修正模型的调整力度为0.8。文章分析了这种长期趋势存在的现实原因。最后结合实证分析中样本出现的特点,就进一步完善中央国库现金管理提出建议。     

Real Effects of Money Growth and Optimal Rate of Inflation in a Cash‐in‐Advance Economy with Labor‐Market Frictions

This paper studies the consequences of labor‐market frictions for the real effects of steady inflation when cash is required for households' consumption purchases and firms' wage payments. Money growth may generate a positive real effect by encouraging vacancy creation and raising job matches. This may result in a positive optimal rate of inflation, particularly in an economy with moderate money injections to firms and with nonnegligible labor‐market frictions in which wage bargains are not efficient. This main finding holds for a wide range of money injection schemes, with alternative cash constraints, and in a second‐best world with preexisting distortionary taxes.     

国库现金转存商业银行的货币效应分析及管理建议

近年来,我国国库现金余额因国家财力增长及预算收支进度不均衡等因素出现大幅上升,闲置国库现金运用对货币供应的影响日益显著。该文根据商业银行资产运用特点,通过模型构建简单分析了国库现金转存商业银行的年度货币效应,以揭示其货币效应的影响因素,并从建立健全法规规章、提高国库收支预测水平等方面,提出进一步完善国库现金业务管理的相关建议。     

Money Laundering as a Crime in the Financial Sector: A New Approach to Quantitative Assessment,with an Application to Italy

This study provides an answer to the question of how much cash deposited via a financial institution can be traced back to criminal activities, by developing a new approach to measure money laundering and proposing an application to Italy. We define a model of cash in‐flows on current accounts considering, besides “dirty money” to be laundered, also the legal motivations to deposit cash and the role of the shadow economy. We find that the average amount of cash laundered in Italy is around 6% of GDP. These findings are coherent with estimates of the nonobserved economy obtained in previous studies.     

Price Elasticity of Demand and an Optimal Cash Discount Rate in Credit Policy

While the provision of a cash discount is equivalent to a reduction in price, the role of price elasticity of demand in determining credit terms has been neglected in the extant literature. In this paper, this role is investigated and it is shown that the optimal cash discount rate is affected by the price elasticity of demand for the firm's product. The comparative effects on the optimal cash discount rate with respect to exogenous changes in the fraction of credit sales paid after taking cash discount, the cost of short-term funds and the bad debt loss ratio are investigated. A trade-off between the time value gain and the price elasticity of demand is established. We find that firms which sell in locations having different price elasticities for their products, and/or which face various costs of short-term funds in different locations, should vary their cash discount terms accordingly.     

The optimal rate of inflation revisited

Inflation viewed as a tax on cash balances is investigated using the optimal commodity tax framework. The optimal inflation rate is shown to depend on the effect of changes in the rate of inflation on quantity demanded of ‘costly-to-produce’ goods. Even when other goods are taxed, it is not always optimal to have a positive tax on money, as Phelps and others have claimed. A zero tax or even a rate of deflation greater than the pre-tax rate of interest may be optimal.     

Family control and adjustment to the optimal level of cash holding

Given the predominance of family control in most European corporations, understanding how this type of ownership affects firms’ cash holding policy is important. The literature has yet to address this subject satisfactorily; therefore, we outline a way to model how family firms define their cash policy, specifically, the way in which they adjust their cash holding to an optimal level. We base our analysis on trade-off theory and the precautionary motive for holding cash. Our empirical results show that family firms adjust their cash holding level more aggressively than non-family firms, and, therefore, family firms are capable of achieving optimal cash holding faster and more efficiently than non-family firms. Further, we find that family firms have a heterogeneous cash policy; in particular, young family firms, financially constrained family firms, and family firms that operate in countries with strong investor protection adjust their cash holding more aggressively.     

On the Determinants of SME Cash Holdings: Evidence from Spain

Abstract:  This work analyses the factors that might explain the level of cash holdings in a sample of 860 small and medium-sized firms from Spain during the period 1996–2001. The empirical results show that firms have a target cash level to which they attempt to converge. The level of this target is higher for firms with more growth opportunities and larger cash flows. In contrast, the target level for cash holdings falls when the use of bank debt and the presence of substitutes for cash increase. Moreover, when the interest rates in the economy increase firms reduce their cash holding.